SAND is reaching to strong support while completing an abc correction pattern! It may pump soon !
SAND is nicely inside a up going parallel channel with two price action to upper boundary and many to channel mid line.
As shown on the chart, SAND has completed waves i,ii,iii,iv and v of a wave cycle to form larger degree wave (iii) and currently is correcting that cycle forming wave (iv). Strong support can be recognized at 3.33 USD formed by 0.618 golden ratio of wave (iii), 1.272 extension of wave b of (iv) and 100% projection of wave a from top of wave b . This PRZ (Potential Reversal Zone) coincides with top of wave iii which is strong static support.
If true, SAND is going to show us a new ATH and offers huge profit ! . First major resistance and our target is 10-12 USD. If it can break that resistance, we can think about reaching to top of channel once more and making much more profit as well !.
Please note this is the Best Case Scenario. We know that wave 4s can take complicated forms like triangles which are confusing and boring. For now, lets hope for the best.
Wish you nice profits.
SAND is nicely inside a up going parallel channel with two price action to upper boundary and many to channel mid line.
As shown on the chart, SAND has completed waves i,ii,iii,iv and v of a wave cycle to form larger degree wave (iii) and currently is correcting that cycle forming wave (iv). Strong support can be recognized at 3.33 USD formed by 0.618 golden ratio of wave (iii), 1.272 extension of wave b of (iv) and 100% projection of wave a from top of wave b . This PRZ (Potential Reversal Zone) coincides with top of wave iii which is strong static support.
If true, SAND is going to show us a new ATH and offers huge profit ! . First major resistance and our target is 10-12 USD. If it can break that resistance, we can think about reaching to top of channel once more and making much more profit as well !.
Please note this is the Best Case Scenario. We know that wave 4s can take complicated forms like triangles which are confusing and boring. For now, lets hope for the best.
Wish you nice profits.
Note
Please note we do not open a long position without a strong bullish sign at supports.Note
We were smart enough not to open a long position. Right my friends?We need an update for next possible support. Maybe base of the channel !
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.